Mobile Application Stores Market is likely to grow at a CAGR of 20% during 2022 to 2032 | Future Market Insights Inc.
The growing popularity of smartphones has resulted in a significant increase in the global mobile application stores market. The frequent use of social networking apps and downloading new and exciting games are boosting the demand for mobile application stores.
NEWARK, Del: The market for mobile application stores is expected to grow from US$ 165.9 billion in 2022 to US$ 1027.21 billion in 2032. Throughout the projection period, mobile application store sales are anticipated to grow at a CAGR of 20%.
The market for mobile application stores has grown significantly as a result of the rising use of smartphones. The need for mobile application shops is rising as a result of increased use of social networking apps and the downloading of fresh, engaging games. The exponential rise in smartphone users is a key factor in the expansion of mobile app stores. Online marketplaces where customers can buy or download smartphone applications are receiving significant investments.
The mobile application store market is a rapidly growing industry that provides a platform for mobile app developers to distribute and sell their software applications to mobile device users. The two dominant players in this market are Apple’s App Store and Google Play.
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The mobile application store market has grown significantly since the introduction of the first mobile app stores in 2008. Today, there are a large number of app stores available, including Apple’s App Store, Google Play, Amazon Appstore, and others.
Apple’s App Store was the first mobile application store to be introduced, and it remains the largest and most profitable store in the market. As of 2021, the App Store had over 2.2 million apps available for download and generated over $72 billion in revenue for developers.
Global Mobile Application Stores Market – Drivers & Restraints
The most prominent factors driving the smartphone and mobile app stores market include,
- Growing number of handheld devices such as tablets and smartphones
- Advanced features present in applications
- Versatile applicability of apps in the varying fields of medicine, entertainment, business and communication.
- Social media applications and cloud computing apps that bring in more interests from groups of consumers
Besides these, another factor assisting the market’s growth is the key competition between app stores companies and individual app developers. In order to increase their sales, app developers launch interesting features through their apps.
A key restraining factor in the global market for mobile application stores is the constraints of users’ handheld devices. Designed for smartphones, consumers are facing trouble when some apps cannot be used due to lack of feature development. Smartphone manufacturers are falling short of keeping up with the mobile app developers. Applications designed for special functions require equally special features in smartphones. However, this challenge gets resolved over time as consumers shift to advanced smartphones that allow operational efficiency of any mobile application.
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Key players in the global mobile application stores market include
- Amazon Appstore,
- Windows Store,
- Apple iTunes,
- Google Play, and
- BlackBerry World.
With more than a billion downloads of free apps like Gmail, YouTube, WhatsApp Messenger, and Facebook, Google Play, one of the top Android app stores, has made incredible development. Asphalt 7: Heat (Gameloft), Fruit Ninja (Halfbrick Studios), and Where’s My Water? are examples of popular paid applications. On Google Play, (Disney Mobile) has received over one million downloads.
Key Segments Covered in the Mobile Application Stores Market Report
By Store Type:
- Google Play Store
- Apple Store
- Music & Entertainment
- Health & Fitness
- North America
- Latin America
- East Asia
- South Asia & Pacific
- Middle East & Africa
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Table of Content
- Executive Summary
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
- Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
- Market Background
3.1. Market Dynamics
3.2. Scenario Forecast
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About Future Market Insights, Inc.
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